Where is support now??
The EURUSD rest above its 100 hour moving average at 1.1931 and then moved above the 50% retracement of the March 2021 trading range at 1.19739. The high price reached 1.19847, but has rotated back lower. If the buyers are to remain in control where is support.
The close support off the five minutes chart comes in at the 38.2% to 50% of the trend move higher. That area comes between 1.19406 and 1.1951. The low price has so far reached 1.19607. So despite the dipped back below the 50% retracement, the retracement has not even reached the first downside target.
Patient buyers might wait for a retest of that area with stops below 1.1940 area. what buyers would also want to see is a move back above the 50% retracement at 1.19739 and staying above that level.
